Arkansas car insurance rates and minimum requirements differ widely, offering many opportunities to find ways to lower them while still meeting requirements. Affluent individuals typically enjoy lower premiums as a result of age, driving record, location and type of car driven; younger drivers typically face higher rates due to inexperience behind the wheel and increased likelihood of accidents; teenagers can save money by remaining on their parents’ policy until they turn 18. Doing this allows them to maximize coverage without paying increased rates associated with being new drivers.
As well as age, driving history plays a large role in car insurance premiums in Arkansas. At-fault accidents, speeding tickets, and DUI convictions all increase premiums significantly as insurance companies view such drivers as high risk individuals more likely to file claims.
Make and model of your vehicle also has a direct effect on the cost of car insurance in Arkansas. In general, older cars tend to cost less because they’re considered safer with lower repair costs than newer ones; however not all luxury models fall under this category and should always be considered when comparing costs among providers before making your decision.
Credit can have a major effect on insurance rates in Arkansas and most other states, although laws exist to prevent insurers from discriminating against customers with poor credit. Consumers with excellent credit tend to enjoy lower premiums than those with poor scores; it is therefore essential that you monitor and improve your score if necessary.
Arkansas does not legally mandate full car coverage insurance; however, many drivers still opt to buy full coverage policies anyway. This includes liability coverage to pay for damages caused to others when an accident is your responsibility and collision and comprehensive policies to pay for repairs to their own car. While full coverage car policies increase costs overall, they could prove well worth investing in if there’s a high risk for an expensive collision.
Full coverage insurance in Arkansas costs an average annual premium of approximately $470 compared to minimum liability requirements of $200. To estimate how much it may cost in your region, referring to the chart below is best.